The Argument for Renewable Energy has never been Stronger
Price, Performance and new Technologies is driving the march for the development of Renewables energy projects worldwide.
These 3 enablers are driving Solar and Wind energy to compete on price with traditional energy sources while also matching performance outputs. This is according to a new piece of research by Deloitte, the global accounting group.
Renewable energy is now viewing in most developed and developing economies as a mainstream energy source and are also becoming the preferred option. All you have to do is look at recent extreme weather events and how it has affected the post extreme weather performance of renewable energy sources versus traditional. I am referring to Hurricane Florence which swept across North and South Carolina.
Two weeks after the Hurricane hit the Carolina’s, thousands of residents who were reliant on coal-fired stations for their energy are still without electricity.
Yet solar installations, which provide less than 5 percent of North Carolina's energy, were up and running the day after the storm, and according to news outlet GTM, CleanTechnica, the utility’s solar farms sustained no damage and were able to provide power to its customers uninterrupted.
“The cool thing about solar and wind energy farms is that when a hurricane hits them they don't spill toxic coal ash into drinking water, potentially sickening or killing countless people”.
Governments, communities, emerging markets, and corporations increasingly understand that renewables are sustainable and affordable, and they want them included in future energy procurement plans.
Key enablers, like Price, with steeply declining costs have made Solar and Wind comparable or even cheaper than conventional energy sources even without subsidies.
Increasingly it is the reduction in energy Storage that is now making renewable energy more dispatchable. With Renewables and Storage reaching price parity as the cost of battery costs have fallen by over 80% in the past 10 years.
When Solar panels first came to the market in the 1970’s the average cost of a solar panel was approximately £96 compared to 0.50p today. This level of drop in cost for producing solar panels is not expected to continue instead we expect to see technological advances improving the level of energy produced per panel.
With costs reducing, and demand rising for commercial solar energy, the deployment of renewable energy is being powered by corporations, with many large corporations like Google, Apple, IKEA, Amazon are becoming energy neutral. The future is looking very bright for Renewable energy in particular Solar energy.